Musk on Bitcoin: It Will Make It

Dark times have engulfed the crypto market. As a result of multiple circumstances, chief among which is the FTX’s collapse, the crypto market is bearish.

In the past seven days, BTC's price slumped by over 20%: The coin is now trading at $16,373 press time.

Other prominent tokens are not doing much better. Ethereum price fell to $1,219 – down from $1,556 a week ago. Meanwhile, BNB is worth $286, over 13% less than seven days ago.

It is yet to be understood whether the crypto market will recover anywhere soon – even though there is a glimmer of hope.

Responding to a discussion concerning the future of Bitcoin and the market’s possible bottom, Elon Musk assertively wrote on Twitter “BTC will make it, but it might be a long winter”, referring to the winter figuratively (bad market condition).

In Musk’s rather usual style, he did not specify what he means by the phrasal verb “make it”. Will Bitcoin reach its all-time high of just under $70,000? Or will it go even higher?

In response, one of the users wrote “you spelled doge wrong elon”, with Musk replying “That goes without saying.”

The SpaceX CEO is known for his occasional support of Dogecoin, the price of which greatly depends on his tweets. Among the latest ones to boost both Dogecoin and other meme coins was the tweet made by Musk on Nov.1 

While many investors have ditched Bitcoin in light of the omnipresent problems, the so-called whales, a.k.a Bitcoin investors were a substantial number of coins, are reportedly buying the dip.

The number of whales now stands at almost 130 individuals. 

Previously, The Coinomist reported that Musk was accused of being a scammer.